“IRDAI (Health Insurance) Regulations, 2016 were notified on 18-07-2016. As specified in Schedule – III of the Regulations; the Authority has to specify certain Guidelines, Regulatory Returns, and Formats, etc., for compliance by all Insurers and TPAs, as may be applicable. The objective of this circular is to set out the said regulatory requirements that every Insurer and TPA shall comply with. This circular is applicable to all Insurers and TPAs, wherever applicable. This circular is issued under the provisions of Section 34 (1) of Insurance Act, 1938 and under the powers vested with Regulation 2 (i) (o) of IRDAI (Health Insurance) Regulations, 2016.”
The article cited AMA's "Global Health Insurance Market Study" explored substantial growth of %. According to the report, Development of New Offers and Schemes by Insurance Companies
is one of the primary growth factors for the market. Growing in the Prevalence of Chronic Diseases
is also expected to contribute significantly to the Health Insurance market. Overall, applications of Health Insurance, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Demographics, such as Minors, is boosting the Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Network Provider, such as Health Maintenance Organization [HMO], is boosting the Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Insurance, such as Disease Insurance, is boosting the Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Time Period, such as Life Insurance, is boosting the Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Provider, such as Private, is boosting the Health Insurance market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global Health Insurance market identified that the demand is rising in many different parts of the world as "The fastest-growing regional market overall is APAC, mainly fueled by the efforts of companies in India and China to increase health insurance penetration, with India on its rural population and China on its aging population. Moreover, the Government of India is increasing healthcare spending. For instance, the government expenditure on the health sector has grown to 1.4 percent of GDP in the financial year 2018E from 1.2 percent of GDP in 2014.". Furthermore, some recent industry insights like "January 2020, HDFC acquired a majority stake in Apollo Munich Health Insurance with the approval of CCI, the RBI, and the IRDAI. After this acquisition, Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health). The company will operate as a subsidiary of HDFC Ltd." is constantly making the industry dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Health Insurance market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2018 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Health Insurance market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Health Insurance market size is calculated using market estimation process, the Health Insurance market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Health Insurance market size has been validated using both top-down and bottom-up approaches.